Bitcoin falls to 7300, fails to break critical support (BTCUSD)
Updated
Hello friends,
Bitcoin did end up unsurprisingly falling about to our $7250 target which is a 30% drop outlined in last analysis here:
According to that now would be the most optimum buy opportunity long term.
All I would like to point out with this chart, is where I see some of the fibonacci fractals, well we did respect one as we fell.
I'm not going to sit here and tell you that Bitcoin looks particularly great right now, but overall longterm I do think it's a buy, I do think this was a "bear market rally" but I also think that is quite characteristic of Bitcoin prior to starting a true bull cycle.
Keep in mind that there are a lot of fractals on many time frames to keep track of. If you chart your own, or see different ones in different places on mine, that's probably because they're all valid. You have to pick which ones matter the most.
Anyways, this is the chart I've been looking at today so, here you go. Please check out the previous analysis linked to see the drop to $7300 explained.
Good luck traders
Bitcoin did end up unsurprisingly falling about to our $7250 target which is a 30% drop outlined in last analysis here:
According to that now would be the most optimum buy opportunity long term.
All I would like to point out with this chart, is where I see some of the fibonacci fractals, well we did respect one as we fell.
I'm not going to sit here and tell you that Bitcoin looks particularly great right now, but overall longterm I do think it's a buy, I do think this was a "bear market rally" but I also think that is quite characteristic of Bitcoin prior to starting a true bull cycle.
Keep in mind that there are a lot of fractals on many time frames to keep track of. If you chart your own, or see different ones in different places on mine, that's probably because they're all valid. You have to pick which ones matter the most.
Anyways, this is the chart I've been looking at today so, here you go. Please check out the previous analysis linked to see the drop to $7300 explained.
Good luck traders
Note
that .236 though
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.